In accordance with the Deposit Guarantee Law, any client of a credit union, whether a natural person or a legal entity, is entitled for the disbursement of compensation for all types of deposits in all currencies up to 100 000 euro in each credit union.
In accordance with Section 3 of the Deposit Guarantee Law, depositors may receive the guaranteed compensation within five years from the day when the unavailability of deposits at the credit union. After that period, depositors who are eligible for the guaranteed compensation but have not received it shall lose their right to receive the guaranteed compensation.
In order to receive the guaranteed compensation, depositors shall appear in person at Latvijas Banka upon a prior appointment and, by presenting a passport or a personal identification document (ID card), submit an application for the disbursement of the guaranteed compensation indicating the account number of the depositor in a chosen credit institution or financial institution. A natural person representing a depositor of a credit union – a legal entity must submit documents confirming the representation of the legal entity.